Solar News

India as the lowest cost producer of solar power

Renewable energy has been established as the technology of choice for new power generation capability worldwide, and India’s latest status as the lowest-cost solar power producer further reflects a continuing transition to renewable energy. According to an analysis by IRENA (International Renewable Energy Agency), the costs for setting up solar PV projects has dropped by about 80% from 2008 to 2018.

Since India is a growing economy, power consumption is only going to rise. To meet the growing demands of energy requirement, adoption of renewable forms of energy is crucial. The country has the potential to build and operate solar farms that will cost less than running existing coal- fired power plants.

In recognition of this, the government took measures to guarantee consistent segment development. This in turn assisted the solar sector in a brief period of time to achieve economies of scale, making India the cheapest solar power producer. The complete installed solar capacity was 10 MW in 2010, and the installed capacity was 6000 MW in 2016–a steep 600-fold increase in just 6 years.

The total installed solar ability as of March 2019 is 30 GW, representing a 5-fold rise in 3 years. Solar has today achieved 30% of the target of 100 GW in 2022, contributing 38% to the blend of renewable electricity. The figures are a testament to the government’s oriented strategy and solar developer’s favorable reaction leading to exponential growth. Renewable energy also has many environmental benefits which helps in our fight against climate change.


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